Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • Egypt
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • International Finance Corporation (IFC)
Status: Pipeline
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2017-07-31
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: ARC For Renewable Energy SAE
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Energy
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD): $ 75.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IFC website
Updated in EWS: 2017-06-22
Disclosure Date: 2016-05-04
SECI-DT Benban 1 - ARC
IFC-37580

Project Description
The project is a greenfield 50 MWac photovoltaic (PV) plant being developed by a joint venture between SECI Energia S.p.A, Enerray S.p.A, and Desert Technologies Industries Co. Ltd. (together the sponsors). The sponsors will own the project company ARC for Renewable Energy SAE (ARC). The Engineering Procurement and Construction (EPC) Contractor will be an EPC joint venture between Enerray S.p.A and Desert Technologies Industries Co. Ltd. (JV Enerray-DT) who will also undertake the role of the Operations and Maintenance (O&M) Contractor for this project. Enerray S.p.A has 10 years’ experience in EPC and O&M services and has completed power plants of more than 200 MWp in Morocco, Turkey, Jordan, Iran and Central and South America. Desert Technologies as an EPC contractor has experience as a manufacturer and developer of PV projects. It has developed solar projects in Jordan and has 33MW of signed bankable EPC contracts since 2015. The total project cost is up to US$75-80 million with an IFC A loan of up to US$15-20 million and syndications of up to US$45 million, and the balance covered by equity.
Investment Description
The total project cost is up to US$75-80 million with an IFC A loan of up to US$15-20 million and syndications of up to US$45 million, and the balance covered by equity.
Contact Information
Company Contact Information Pietro Di Le Enerray SpA Via J.F Kennedy, n. 10 Zola Predosa (BO), Italy pdileo@enerray.com +39 (0)51 616 2605 Accountability Mechanism of the IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/